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2017-11-29 10:45:01

10:45

11/29/17

11/29

10:45

11/29/17

10:45

Fed Chair Yellen in Q&A said the corporate tax rate is an important issue

Fed Chair Yellen in Q&A said the corporate tax rate is an important issue for Congress, but didn't weigh in much further. On regulations, she did say the Fed is trying to tailor the rules, and it's appropriate to look into easing some regulations on small banks. Stress testing is an important tool of the Fed. She didn't think the Volcker Rule shouldn't apply to smaller banks. On the 4.0% unemployment rate, it's "desirable" that it has declined recently, but there are disparities across groups, which the Fed doesn't have tools to address (Powell also indicated that yesterday in his confirmation hearing). On the upcoming FOMC meeting, she of course didn't really answer what might happen between now and the December 13 policy statement, that could impact the Fed's decision. She did reiterate that policy remains accommodative, but it's important to remain on a gradual path toward a neutral rate. Also, upward pressure on wages has been moderate, she acknowledged, and that may suggest that neither the economy nor the labor market are significantly overheated (again as mentioned by Powell). She attributed some of the softness in wages to weak productivity growth, though the latter is not well understood.

Snap Inc. (SNAP) is banning ads of initial coin offerings in its Snapchat app, Cheddar reports, citing a company spokesperson. The decision makes Snapchat the latest social media platform to prohibit advertisements for cryptocurrency ICOs, the report says. In contrast to Facebook (FB) and Google (GOOG), however, Snap's current block of ICOs has been in effect since early February and does not apply to different kinds of cryptocurrency ads, the report says. Reference Link

Airbus (EADSY) is mulling making a freighter version of its slow-selling A330neo widebody, spurred by requests from potential customers Amazon (AMZN) and UPS (UPS), Bloomberg reports, citing people familiar with the matter. The interest from Amazon and UPS could incite a competition between Airbus and rival Boeing (BA) as the worldwide air-cargo market rebounds from a slump, the report notes.

Facebook's chief information security officer, Alex Stamos, will leave the company after internal disagreements over how the social network should deal with its role in spreading disinformation, The New York Times reports, citing current and former employees briefed on the matter. Reference Link

Amazon has considered the possibility of expanding its retail footprint by acquiring some stores from bankrupt Toys 'R' Us, Bloomberg reports, citing people with knowledge of the situation. The e-commerce giant is not interested in maintaining the Toys 'R' Us brand, but has mulled using the soon-to-be-vacant stores for its own purposes, the report says. Reference Link

President Trump is readying to place a package of $60B in annual tariffs against China, following through on a long-time threat that he claims will punish China for IP infringement and create more jobs in the U.S., the Washington Post reports. The tariff package, which the president intends to unveil by the end of the week, was confirmed by four senior administration officials, the report notes. Senior aides has presented Trump with a $30B tariff package that would apply to a variety of products, but the president directed them to approximately double the amount of new trade levies, the report says. The package could be applied to over 100 products, which the president contends were made by using trade secrets that the Chinese stole from U.S. companies or forced them to hand over in exchange for market aces, the report says. Reference Link